You can blame the euro. According to Tausche and Bergman,
Deutsche's bankers get their bonuses in three parts — cash,
stock, and deferred euro-based cash. The bank's stock is down 35%
since February of this year, but to make matters worse the euro
is down 9% since February.

To illustrate: €100,000 bonus (worth $132,000 to a US-based
banker in February) would now be worth roughly $111,000 due to
respective stock and foreign exchange fluctuations. The harsh
reality is that most bankers are playing with numbers much larger
than that.

Discussions between senior bankers and management over
alternative pay structures are open, people familiar with the
discussions said, though any changes are unlikely to be in place
by the next pay cycle. Possible options would include allowing
individuals to hedge their packages, or hedging the entire
compensation pool, these people said.